Marketing Mix

Marketing Mix: Also known as the Seven Ps of marketing

7 Ps of Marketing is a comparatively simplistic structure that can be applied by any organization, Director or manager to map marketing actions and marketing Strategy or tactics.

The 7 Ps commenced as only four: product, price, place and promotion.  When marketers grew more knowledgeable, and applications and businesses improved and added further three more have been added: people, processes, and physical evidence.

So let’s explore each and every P of marketing mix one by one-

1. Product

We always form a product while thinking of customers first and there is no doubt in this.

Those companies who developed their product first and then later considered customers those companies have always suffered.

Verdicts in this part incorporate a product or service’s plan, how a product appearance, packing, any guarantees, and more. If you focus on the first P of marketing you should have to think intensely about customers.

Consumers need to know everything about the product like what they are getting, it satisfies their needs or not and they are offering better service or product than its competitors or not.

So, Preparing customer research in advance of any improvement costs will guarantee that you do not consume any time or money on products that no one wants to purchase.

2. Price

The price is significant because it will decide the earnings that you create on the product or service.

Price includes the whole pricing technique for products or services, and how customers will respond to it. Moreover, this section goes deep exceeding selling prices. Price involves discounts, conditions, pays, and so on. When fixing price, one should analyse his/her business’ present situation with other competitors in the market.

If you display as possessing a very first-class product, your pricing should reflect that title and have to meet the expectations of the customers.

3. Promotion

Promotion is basically the act of marketing straight to the customers. This P covers the approach of getting your product or service aware to the public. In addition, this might be in the types of several ads and social media activity.

It is essential to gain your product known to get new customers for increasing sales

Promotion is how you express what you are going to sell your customers.

4. Place

This P embraces various locations wherever a product is made, seen in ads, circulated, and sell.

You need to assure that consumers can discover your product or service easily. Moreover, it needs to be ready for customers at the correct place and at the right time.

This Marketing P consider marketing products by e-commerce, in-store, or third-party means.

5. People

People are not only those which you are trading and promoting to.

It also includes workers, sellers, customer service teams, and everybody engaged in the marketing and sales operation. You want your employees to be productive and recognised positively by consumers.

Most of the people are active on social media nowadays that’s why it is more important because they directly connect with staff.

Your staff need to be trained in this manner where they can interact with customers politely and how to deal with them perfectly.

6. Processes

This P relates to the distribution or delivery of a product or service to a consumer.

Maps require to be executed to draw responsibilities, movements, duties, and processes.

Doing so keeps your processes running effortlessly and effectively.

Check your processes regularly to assure they are uncomplicated and increase your capacity to produce more income.

This step may have many trial and error phases.

This step not only includes delivering a product to the customers but also includes after-sales service, It plays a vital role in this step.

This might also include how the website page is loading time, the Process of ordering, information provided to customers after the purchase and the delivery person is behaving well with customers or not and many more things.

7. Physical evidence 

Customers must always receive something physical to confirm their purchase like bills with the products or it can be also sent to their respective email addresses as well.

People like to receive receipts for their purchases so it will give a guarantee to them that they have purchased a genuine product.

This physical item confirms the existence of purchasing and raises a thought of value from that purchase.

It refers to everything which your customers see and interact with, It can be an online website layout, packaging of your product and its design & colours, It can also include a customer testimonial and other reviewing sites which is not under your control.

So,  physical evidence conveys an essential sign to your consumer regarding your product and it is very important.

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